Bitcoin steadies above $60,000 while derivatives send an unambiguous warning

Share Share this article Copy link X icon X (Twitter) LinkedIn Facebook Email Bitcoin steadies above $60,000 while derivatives send an unambiguous warning BTC crashed to $61,300 before recovering to $62,500 with $3 billion in liquidations over two days. Traders loaded up on $60,000 puts in anticipation of further declines. By Oliver Knight , Omkar Godbole | Edited by Sheldon Reback Jun 4, 2026, 11:02 a.m. 3 min read Make preferred on Bitcoin price (CoinDesk Data) What to know : Bitcoin plunged to $61,300 before recovering to around $62,500, contributing to $3 billion in liquidations over two days as open interest fell 8.5% to $111.4 billion. Derivatives markets are firmly in bear territory. Put skews have strengthened on both bitcoin and ether and the $60,000 strike put on Deribit carries over $1 billion in notional open interest. Solana open interest surged to a record even as prices fell, a combination that typically signals aggressive short accumulation and reflects SOL s relative weakness after breaking below its February low. The crypto market succumbed to a wave of selling pressure and liquidations on Thursday, with bitcoin BTC $ 63,729.63 tumbling to around $61,300 at 02:00 UTC before recovering to as high as $64,680. It recently traded around $62,500.